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Show watered railroads. The Chicago Tribune says: A brief statement or the Pittsburg & Fort Wayne may illustrate how stock grows by the watering process. "The road was built with very little money. The cash subscriptions were not 3 per cent, on the whole coat of construction con-struction and equipment. The stock subscriptions are mostly in wild lands, farms, town lots, and labor. Of the eighteen millions representing the cost, the contributions of shareholder, amounted to no more than four millions. mil-lions. The stock was swelled in variouB ways. In 1866 it began to pay dividends. In 1870 the stock stood 11,500,000, tbe debt at $13,-600,000. $13,-600,000. That year tho road was leased perpetually to the Pennsylvania company. The Block was watered to $19 714,000 on which 7 per cent, was guaranteed by tne lessees, and on that Bum the Pennsylvania company has since been paying 7 per cent." I Is it any wonder that roads paying i uch dividends are unable to pay I employes living wages? Seven per : cent, dividend paid lor ten years on $8,000,000 of stock representing no value and employes wages reduced on the plea that they could not aflord to pay more. Such injustice, such swindling as this Bhould be torbidden by law, and the law Bhould be Btrictly executed. |